Home values are expected to rise another 8.6 percent in the Seattle Metro area over the next 12 months, according to the latest Zillow Home Value Forecast.

Of the 30 largest metro areas, 29 are expected to show home value appreciation in the next year. The New York metro is expected to fall (-0.8 percent).

Seattle's home appreciation was up 3.7 percent from the first quarter of 2013 and 12.1 percent from the first quarter of 2012, Zillow reported.

The national housing recovery kicked into high gear in the second quarter as home value appreciation spread and accelerated after a relatively slow start to the year.

"The U.S. housing market as a whole is currently not experiencing a bubble, but in many places it sure must feel like one with some markets experiencing annual home value appreciation approaching 30 percent," said Svenja Gudell, Zillow senior economist. "Homeowners are feeling a sense of whiplash after years of depreciation, but this kind of market behavior won't last."